Dear Jay,
Since you like music and I like music, I thought I'd ask you a music-related question. I'd like to start my own record label.
How much money would I need to start it up? Do I need to play an instrument or know anything about music? If I had to learn one instrument, what would you choose? Is there any music industry etiquette or lingo I should know?
I would also like to have a good name for my record label. Any ideas?
Signed,
Future Music Mogul
Dear FMM,
As an accomplished musician and netlabel executive, Jay is overqualified to provide unprofessional advice on this matter. So I, Dave, am stepping up to the plate--or, in this case, the microphone!
While I do not myself play or listen to music, I am known to have a clear eye for commerce and innovation in general. My neutral vantage point allows me to discern emerging trends that may remain invisible to industry insiders.
As you probably know, the music business has been enjoying unprecedented prosperity over the last few years. In fact, along with the other two sides of the so-called "golden triangle"--pet clothing and waffle restaurants--the industry has remained eerily unaffected by the ongoing recession.
However, several indicators suggest a less rosy future. The next generation of music moguls will be those who recognize the clouds just now beginning to take shape on the horizon--and then ride those clouds.
Here are three unsettling trends that will help define the record industry of tomorrow:
• The rise of computers. From the recording studio to the listening experience, computers may begin to play a significant role in the music business. While it’s much too early to forecast exactly what this role will be, this clip suggests some chilling possibilities.
• The compact disc--will it see 2100? My calculations indicate that CDs may be replaced within the next 75 to 100 years, probably by some sort of edible wafer. Use your imagination and try to figure out how this would work.
• The blind kid won’t win “American Idol.” This is not necessarily an emerging trend per se--it's just a prediction designed to verify my observational savvy.
As for the name of your record company, choose one that music lovers will easily remember. Studies have shown that two-word phrases combining a color and an animal are among the most memorable. Mauve Stallion and Brown Dog are just two of the unforgettable possibilities.
Good luck, FMM. As Casey Kasem used to say, “Keep your foot on the gas but keep reaching for the sky!”
Dave
P.S. To answer your question about industry lingo, here’s a phrase that will give you instant "cred": A brass player with good wind control is said to have balloon lungs.
